Used primarily in organic synthesis, this compound serves as a key intermediate in the production of more complex chemical structures. It is often employed in the development of pharmaceuticals, where its unique structure can be modified to create active drug components. Additionally, it finds application in the synthesis of specialty chemicals, including dyes and pigments, due to its ability to introduce specific functional groups into aromatic systems. Its role in research and development is significant, particularly in the study of reaction mechanisms and the creation of novel organic compounds.